Xpeng's (XPEV) - Get n.a. Report American depositary receipts traded higher in premarket Friday after the Chinese electric-vehicle maker indicated it is set to reveal a new sport utility vehicle next week.
Rivian Automotive (RIVN) - Get Rivian Automotive, Inc. Class A Report, meantime, the newest and biggest entrant in the EV space, looked set to clear $125 a share after going public on Wednesday at $78 a share.
In a brief statement accompanied by a shadowed-out SUV, Xpeng said it will unveil its new “smart EV” model at the 19th Guangzhou International Automobile Exhibition on Nov. 19. Xpeng co-founder Henry Xia will speak via live broadcast at the show.
The car is likely to be the successor to Xpeng’s current SUV, the G3 and G3i, according to reports.
The pending announcement comes amid growing enthusiasm for all things that move on four wheels and don’t require gasoline – as well as optimism for companies like EVGo (EVGO) - Get EVgo, Inc. Class A Report and Blink Charging (BLNK) - Get Blink Charging Co Report that are building out the charging infrastructure needed to keep EVs charged and on the roads.
Bank of America analyst John Murphy on Wednesday lifted his price targets on electric auto heavyweights Tesla (TSLA) - Get Tesla Inc Report, Lucid (LCID) - Get Lucid Group, Inc. Report and Fisker (FSR) - Get Fisker Inc Class A Report on expectations that EVs will continue to gain popularity.
Indeed, a report by Market Research Future released this week suggests the overall EV market could quadruple by 2030 as rising demand alongside rising fuel prices and government incentives push more people toward electric cars.
At last check, Xpeng’s ADRs trading in New York were up 1.25% at $48.16. In Hong Kong, Xpeng stock rose more than 10% on Friday. Rivian shares were up 5.24% at $129.43. The stock is up more than 60% since going public on Wednesday.
Tesla, which has soared more than 36% over the past month, recently traded at $1,040.64, down 2.15%. Lucid, which has skyrocketed 85% over the past month, was down 3.82% at $43.32. Fisker was up .05% at $20.96.
Separately, Blink Charging on Friday reported a loss of $15.3 million in its third quarter. On a per-share basis, the Miami Beach, Florida-based company said it lost 36 cents, below Wall Street expectations of a 24-cent-a-share loss.
At last check, Blink shares were up 13.03% at $44.14.